Shanghai FTZ: Dover, Roche set to execute two-way automatic RMB sweep
Dover Corporation and Roche China are ready to take advantage of currency liberalisation from the Shanghai Free Trade Zone (FTZ) through two-way renminbi sweeping.
The capability to conduct two-way automatic cross-border sweeping of renminbi has been the talk of town as China reiterates its vow to liberalise its currency internationally. Dover Corporation and Roche China’s FTZ subsidiaries have put in place the infrastructure, in partnership with their respective bankers HSBC and Citibank, that will allow movement of the currency in and out of the country, the two lenders announced last week.
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